Global Times editorial: China's pace of expanding opening-up will not be disturbed

BEIJING, Oct. 18, 2022 /PRNewswire/ -- At the first press conference of the 20th National Congress of the Communist Party of China (CPC) held on Monday, some foreign reporters asked how the Chinese government will reduce its dependence on foreign imported resources such as iron ore, crude oil, natural gas and soybeans to achieve a more self-sufficient economy.

Zhao Chenxin, a member of the CPC Leadership Group of the National Development and Reform Commission (NDRC) and deputy director of the NDRC, frankly and explicitly responded by saying that it is wrong to think that China will scale back its opening-up efforts or even turn to a "self-sufficiency." He said that General Secretary Xi Jinping stressed repeatedly that building a new development pattern is an open domestic and international dual circulation, not a closed domestic single circulation. He also expounded on China's understanding that economic globalization trend is irreversible and that no country can engage in development behind closed doors. To be honest, these remarks are not new and have been repeatedly emphasized before. But this exactly shows the consistency and continuity of China's attitude on this issue.

Facts speak louder than words. Over the past decade, China's status as the world's largest trading nation in goods has been consolidated, becoming the main driving force and engine for the development of global trade. Zhao revealed at the press conference that China utilized 892.74 billion yuan (around $124 billion) of foreign capital in the first eight months of this year, an increase of 16.4 percent year-on-year in comparable terms. Among them, foreign capital in high-tech industries increased by 33.6 percent year-on-year, and the eastern, central and western regions increased by 14.3 percent, 27.6 percent and 43 percent respectively. The industrial structure and regional distribution of foreign investment continued to improve. If these multinational companies are not optimistic about the Chinese market in long term and are not fully confident in China's opening-up, how can they invest in China?

Opening-up to the outside world is China's basic state policy. This is not a passive choice, but because it is in line with China's fundamental interests, and it is the Chinese people's profound summary of development experience and collective judgment of the general world trend. The key to China's rapid growth from a backward agricultural country to the world's second largest economy lies in its reform and opening-up. Reform and opening-up improve and interact positively with each other. China's advancement toward building a modern socialist country in all respects will also rely on reform and opening-up. A strong consensus or even a belief has been formed in Chinese society. China's determination and will to open up will not be shaken. It will only continue to be promoted to a wider, deeper and higher level, which will also bring more development opportunities and dividends to the world.

China's economy has long deeply integrated into the world economy. China's development cannot be separated from the world and the world's prosperity also needs China. The report to the 20th National Congress of the CPC said that China will promote high-standard opening up and accelerate efforts to foster a new pattern of development with domestic circulation as the mainstay and domestic and international circulations reinforcing each other. This is not difficult to understand. Given China's huge economic scale, domestic circulation as the mainstay is a natural result that accords to laws. In addition, it is followed by "domestic and international circulations reinforcing each other." Also, China's economy has always stressed "self-reliance," which is fundamentally different from closed "self-sufficiency."

Global Times: https://www.globaltimes.cn/page/202210/1277361.shtml

SOURCE Global Times